other
confidence high
sentiment neutral
materiality 0.20
Chefs' Warehouse amends bylaws to remove director term limit, restricts cash buyout of underwater options
Chefs' Warehouse, Inc.
- Board removed 10-year director term limit from Bylaws, effective August 3, 2021.
- Amendment prohibits cash payment for cancellation of underwater options/stock appreciation rights without stockholder approval.
- Changes apply under the 2019 Omnibus Equity Incentive Plan.
- Board cites desire to retain experienced directors while pursuing orderly succession.